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. president and use your mandate to bring this country together to stop us from becoming greece. >> yes. >> man up, barack obama. strong words. >> he has a chance to be an historic president. what makes us greece? it's not because the tax code is at 35% versus 39.6. what's going to make this country greece, like every other western nation, retiring at 10,000 a day in terms of baby boomer, three workerses for every retiree, in 20 years we'll have two. medicare and social security are about $30 trillion underfunded. if you did what tip o'neill and ronald reagan chose to do, reform entitlements, we become the most dominant place on the planet pretty quickly. so what i would plead with the president to do is use this mandate. redo revenue, which we should. but what keeps us from becoming the country we want to be and damns the future generations is entitlement and spending. when i was 21, my mom died, when i was 22 my dad died. if it wasn't for social security survivor benefits, my sister would have never gone to college. social security is going to fail. when i was 22 we needed the 300 and
it from becoming greece and save social security and medicare and to anybody listening to this program, i'll raise the debt ceiling only if we save medicare and social security from insolvency and prevent this country from becoming greece. >> prevent this country from becoming greece. what is your reaction to that? >> absolute and utter nonsense. this country is not becoming greece. this country -- this country, frankly, has a big unemployment problem. we have a deficit problem in the short term, not the long term. it's not a real problem now. our bonds selling higher than before and lower interest rates. it's not an immediate problem. he's saying what's worse. what he is saying is use blackmail on the entire economy like a gangster. pity if it happens to blow up. not increasing the debt ceiling -- >> already did that before. they have done it before. >> they have. >> and will do it again. >> frankly, that is obnoxious beyond belief. the president should not concede or negotiate on that basis at all. >> the president is adamant on the fact that's not a part of this conversation. >> it can
austerity measures have prolonged. not taken that area out of recession. in greece, you often hear members of this house who say the united states economy is going to be like greece. oh, really? greece is not growing. greece has lost 25% in its economy in the past five years. greece's economy shrunk by 7% this year alone. there's a 20% unemployment rate in greece and even higher for younger people. greece doesn't make anything that the rest of the world wants. the american economy is dynamic. the american economy always needs to be improving with education, scientific research and infrastructure investment. so, a rational system, a rational political system would respond much differently than what is going on here in this congress. we're talking about spending cuts and allowing tax cuts that haven't produced economic growth to be extended. all of the people that are talking about spending did all the spending. they are the debt and deficit creators. if we want to experience economic growth we have to invest in this economy. and it's critically important to the future of this nation. medica
that didn't have. greece does not have an exit. citigroup had a 90% chance earlier this year. the biggest day of this jurn year was june 17th when they elected a moderate who did not try to pull greece out. and germany stepped up and gave them some money and that september the 6th, that was the european central bank. so you had china, maria, the united states and greece. none of them went off the cliff. maria, this is for you. our little christmas present for you, maria. >> thank you. thank you. >> we want to remember, by the way, this is emblem attic of all these nice things you have said this week for the victims of the newtown connecticut tragedy. we love the way you all have been strong in support of them. >> thank you. i very much appreciate that. michael, let me ask you, what do you want to be avoiding in 2013? >> i think you have to look at it from the standpoint of extreme. it's clearly in the bond market. it's clearly in the love for dividends. it's clearly in the love for income versus capital appreciation, versus cycle kral. i call this the rocky balboa stock market. we've had
't like them to save the country from becoming greece but i'm not going to set aside the 1.2 trillion in cuts. any hope of going over the fiscal cliff must start in the senate. not one democrat would support the idea that we could protect 99% of americans from a tax increase. boehner's plan b i thought made as soon as. to my republican kcolleagues, te the ronald reagan model is if you get 80% of what you want, that's a good day. i lime simpson-bowles. the president is going to get tax rate hikes. to my republican colleagues, if we can protect 99% of the public from a tax hike that, is not a tax increase in my book. chuck, maybe you and me and some other people in the senate can find a way to find this on the short term but on the long term there's not going to be a deal any time soon. >> you think we're going to go over the cliff? >> i think we're going to fall out of the fiscal tree. the big chance at the big deal is at the debt ceiling. that's when we'll have leverage to turn the country around, prevent from becoming greece and save social security and medicare. to anybody listening
or any american congress borrow anymore money until with fix this country from becoming greece. that requires significant entitlement reform to save social from bankruptcy and medicare from bankruptcy. social security is going bankrupt in about 20, 25 years. medicare is going bankrupt in 15 or 20 years. the baby boomers are coming in at 10,000 a day. and we just can't scene this. martha: president last week said we'll not play that game. last time around they wouldn't let the debt ceiling go up, i tell you right now, something to this effect we will play that game. >> we will play that game, mr. president. that is not a game. the game you're play something small ball. you're talking about raising rates on top 2% that would run the government for 11 days. you got reelected. how about doing something big that is not liberal? how about doing something big that is bipartisan. every big idea he has is a liberal idea that drowns us in debt. how been maing up, mr. president and use your mandate to bring this country together to stop us from becoming greece? doing what boehner, tip o'n
thinks an electrical problem sparked it. greece, thousands of people turning out in athens to donate food, clothing and toys to families in need. and nations called, i care, i share, and local stations struggling to meet basic needs. the unemployment in greece right now. 26%. israel, christmas coming early to jerusalem. >> merry christmas and happiness and peace. happy holidays! >> santa claus walking through the old city, calling on commission residents to pick up free christmas trees. tens of thousands of pilgrims visit jerusalem every year and during the holiday season it's second in tourism to the west bank city of bethlehem where jesus was born. peru, dogs dressing up, putting on the dog. and posing for a picture with st. nick. and in lima, offering a new line of festive outfits for the four-legged friends and chihuahuas in custom gear all to make the holiday extra special and that's a wrap on this fox trip around the world in 80 seconds. >> well, i guess you could say it's christmas eve eve and thousands of shoppers are packing the stores in search of the last minute bargains or bet
.s. ambassador to nato, greece, and a number of other places. nick, great to see you. you are such an old hand, veteran diplomat, and were at least at the state department. i think you were serving in greece. the last time we had one of these major reports, which was on the 1998 bombings. this report has been done by two senior experienced people, tom pickering and admiral mike mullen, and my indications are that it is really going to be very tough on the state department. hillary clinton has to defend this and present it to congress. >> well, andrea, i don't have a preliminary indication of what the report was saying, but i think secretary clinton would drae grae to testify publicly, but there are obviously congress has an obligation i think they have chosen to highly objective non-political, non-partisan people in tom pickering, ambassador tom pickering, and admiral mike mullen, and we'll see what the report says, but clearly the administration does need to deal with these issues before we get to 2013 and the president's inauguration. >> and one of the questions that is being examined is all
or the interests of the nobles should govern the affairs of men since these questions convulsed greece and rome. he was looking back at greece and rome in the way we look back at the founding to try to figure out how much of this division, how much of the divided opinion is natural, how much is unnatural, and how do you manage and try to do what you can with what we have. and his answer, wonderfully, was in theory he would want to go back to monticello. you know those wonderful quotations, we all know them. oh, if i could only be with my books and at my farm and at my family in the peace and respite of possibility cello. well, you know, the road was open. he could have gone. new york, philadelphia, williamsburg, richmond, paris, london, hold and, i mean, he was everywhere the action was. he was irresistibly drawn to it. because as a young man he'd entered into what he called the bold and doubtful election between submission and the sword. the american revolution shaped him and grabbed him in the way few historical events, i think, have grabbed any generation or any man. i think he thought of the re
, portugal, certainly greece. so you have those economic woes. the euro is not going to thrive and it may survive thanks to the ecb, but you're not going to get that economy to thrive, and the fiscal union ask those are very slow going and though they may be moving quickly by european standards and i've been given the magnitude of the problem going very slowly. >> how should people be thinking about this? the average american, and they've been hearing about it for so long and they're not sure it will affect their pocketbook. do you think they will? >> and there's this incredible chance that greece will leave and the dominos will begin to fall. i think that's unluikely to happen as long as the ecb is willing to support that currency, but will it thrive? will those economies boom? i don't think so, i think it will be another year of recession and you will find individual opportunities and the stock picker's market and far as it's a strong growth, they're not there yet. >> thanks so much for joining us. good to see you tonight. >> you heard piers morgan talk about it with larry last week. af
but upper income americans and the sad news is we have accomplished little, in terms of not becoming greece, that bill will not affect the debt situation and it will be a a political victory for the president and i hope we have courage of our convictions, when it comes to raise the debt ceiling to fight what we believe as republicans. hats off to the president, he won. >> chris: quick follow-up, before we turn to senator feinstein, you said you don't think your conservative colleagues in the senate will filibuster or set up a procedural roadblock, they'll vote to avoid going over the cliff. >> if mcconnell can't get 60% of us to vote for the deal it will be hard for boehner to get through the house and i will want to vote for it, though i don't like it them. country has a lot to the stake here. >> chris: senator feinstein, is senator graham right, will we get a deal. >> he's partially right. yesterday, 2.1 million americans lost extended unemployment insurance. and, from this point on, it is lose-lose. my big worry, is, a contraction of the economy. the loss of jobs, which could be well ove
the brink. greece got upgraded today. who would have thought it. that is what the market is looking at. saying okay. it is not going to be the worst kcase sharcenario, but you coul extend the middle class tax cuts and be done with it. it is in a recession. >> and i think the market would not like that very much. everybody is expecting that you get the middle class tax cuts done. >> and if you can get china and europe doing better. it is hard to be terribly bearish on the u.s. >> y are going to stay with our politico expert. this is a rally that has surprised experts. it hasn't been that easy to be optimistic. >> it is. i think you have to be cautious here. the probability that this could fall apart is very, very real. >> so, you have to be careful up at these levels as a trader. i have low exposure up here. i have protection. that is how you have to play this market. stay with us please. >> yesterday it looked like washington was inching towards a deal. but today, plan b could be signaling differences. we have karen b and sara fagan herself a former political director. i know what it m
greece, and we have a government that we're willing to pay the taxes for 65% of the cost of it. we need to change that. we need both, both-- we need to do both. >> o'donnell: i'm flawed brought thaglad you brought that up. we're not even there. we're just dealing with this little short-term patch that you can't even get an agreement on. what does that say about what's happened here in washington and a real lack of confidence among the american people that it the body you guys serve in is just broken? >> well, it is, and it needs to change. this conservative republican, this progressive carriage we both voted for it. we worked on this for three years. there is room for compromise and agreement. here's what we ran into the problem with. 40% of deficit reduction in the sim son-bowles came from additional revenue, 40%. when we said to speaker boehner you have to come up with revenue, he said i'll come up with a plan that protects those making less than $1 million. he couldn't silent republican caucus. the only way we deal with this cries and the deficit is on a bipartisan basis. this can't
this lawmakers do not reach a deal in time? are we on our way as some warn to becoming greece? doug mcelway is live ph washington. there are nice things about greece that you won't mind emulating, but your budget, their economy not one of them. >> the parthanon a nice thing to see when you go to athens. when ron paul was running he got huge applause when he said a government that continues to deval its currency destroys the middle class. >> they don't have the money, they run out of borrowing power, guess what they do. they start printing money. >> reporter: the federal reserve has printed more moon to deep interest rates low. most economists agree there is a big risk in there, the debt to gdp ratio is 102%. our debt is actually greater now than the amount of money the entire u.s. economy produces. even at historically low interest rates that interest on the debt will cost the u.s. $222 billion this year. 570billion by the year 20, 22 if the rates stay that low. if interest rates ricin slightly every sector of the economy will have a hard time paying its bills. >> servicing the debt is
of the nobles should govern the affairs of men. she was looking back to greece and rome and the founding to figure out to figure out how much of the divided opinion as natural, how much is on natural and how do you manage and try to do what you can with what we have in his answer was in theory he would want to go back to monticello. you know those wonderful quotations. we all know them. if i could only be with my books and my farm and my family and at peace and rest of monticello. well, you know the road was open, she could have gone in new york, philadelphia, richmond, paris, london, holland. he was everywhere the action was. he was irresistibly drawn to it because it has a young man he entered into what he called the board election between submission and the sword. the american revolution shaped him and grabbed him in the way that few historical defense i think have grabbed any generation or any man. i think that he thought of the revolution actually almost as an organic thing almost as a child than as an adopted or created by this group of men who would preserve it and make it and nur
an electrical problem sparked it. >>> greece, thousands of people turning out in athens to donate food, clothing and toys to families in need. the initiative called i care i share. it was organized by a local tv station to help those struggling wi to meet basic needs. the unemployment rate 26 percent. >>> israel, christmas coming early to jerusalem. >> merry christmas for all the world and happiness and health and safety and peace. happy holidays. >> santa was walking through the old city urging christian residents to pick up christmas trees. during the holiday season it's still second in tourism to the west bank city of bethlehem where jesus was born. >> peru. dogs dressing up putting on the dogs and posing for a picture with saint nick. a new line of festive outfits for these four-legged friends. chihuahua's in custom gear all to make the holidays extra special. that's the trip around the world in 80 seconds. >> i guess you could say it's christmas oeve eve and thousand packing the stores to get the gift they need. lingering worries of a weak economy many consumers are left saying bah hum bug.
not become greece? it is interesting that we talked about the fiscal coordination have in the countries and to last come along and bail them out when they have not done what they're supposed to do? i do not know that we are that much different. we have a great panel. people thought are far smarter than i am. i will introduce them now. and then i will sit down and i did ask some questions to revival at the panel to keep their answers relatively short so we can run through a lot of questions and get out of here on time. we have ailson frasier, director of the institute for economic studies at the heritage foundation. as director, she oversees the heritage foundation research on a wide range of domestic, economic issues, including federal spending, taxes, the debt and deficit. before joining heritage in 2003, she was deputy director of the oklahoma office of state finance where she worked for governor. next, rudy penner, the institute fellow and the rj and francis miller chair in public policy at the urban institute. prior to that in his long career, he was director of the congressional bu
of trying euro trend. >> that's fine. >> misery loves company. we can have it all forever, like greece. >> we're not greece. and that's the whole point. neither is britain which is pretending its greece, and look where it's getting them. britain's not growing at all. >> would you do some stimulus? >> i probably would, yeah. >> what kind? >> there's a ton of infrastructure that needs to be done in this country. >> then do it. and borrow money -- >> it's free. we can borrow money for free for 30 years in real terms. the market is not telling the u.s. to tighten fiscal policy. it's telling the u.s. to borrow some money. >> can you make sure we only do things -- we're not going to fill high speed rail lines between cities no one wants to travel to? >> if you spend a billion dollars i can't guarantee that every last cent of it is going to be spent properly. >> how moan solyndras will be in that balance? >> only two. >> you have to deal with the issues that krugman never deals with. i love the explanation we should spend spend spend. what happens when interest rates rise? two is you're talki
seem like an emerging market economy here. >> are we greece? >> our politics are becoming as dysfunctional as greece. i mean, we're not greece, but if you look at what businessmen say about why they're not investing in the u.s., they will often give dysfunctional politics in washington as the top answer. it's not even tax rates that people are concerned about. it's just getting a deal, getting people aligned. >> we're going to roll some tape, but i just wanted to ask you quickly, last week your sort of advice to republicans was don't cave, compromise. >> right. >> so this week, given what we've seen so far, we see these one-on-one negotiations taking place, what do you think the best strategy on the part of the republicans is? >> don't cave. compromise. you're not going to get 35%. you're just not going to. you're not going to. the economy will go up in flames. you're just not going to get 35%. the president needs to understand he's not going to get 39.6%. if i were sitting in the house and the president asked me to go four, five percentage points up on tax rates right now
think about it, we don't want to go bankrupt. we don't want to be like greece. entitlement reforms, the majority of our spending, and also to make sure that those programs are preserved 2024 medicare is insolvent. social security 2033. it is time for us to come together and solve the big problems. >> do you think entitlements have to be on the table? >> putting revenue on the table versus specificity is really two different things. as a business guy, you got to have a term sheet with details. if the republican leadership -- >> senator mcconnell said, hey, you know what, let's raise the -- >> the president doesn't like the details in the term sheet that secretary geithner laid out, then come up with a counter term sheet. we've got to get past the kind of washington decoder speak and say specifically how do we get there? i also believe that one of the things we need to get to is major tax reform, but we need to go ahead and lay down what we're going to get layout what we do before the end of the year, and then how we get to that -- i believe at least $4 trillion in deductions. >> i h
the lines of what spain did or ireland or greece, cut back our social programs dramatically. we'll have to do what the rest of europe will do over time, which is accept a lower standard of living forever everybody which is why the longer-term plan is so vital, not the short-term craziness. because everybody knows he we can't keep providing americans with the current level of services unless we raise taxes in a big way on everyone and cut spending somehow. even the democrats are unwilling to consider that kind of tax cut. that's why long-term spending cuts are so important. they figure into the job creation of the next 25 to 30 years, and the ability of people to stay out of poverty longer term. in the meantime, you can't get the growth needed for government receipts to go higher even in the near term. put simply, if you got someone from honeywell or eaton or celgene in the rule, explain the impact. the imperative would be to get this fiscal cliff done before vacation. hey, listen, yes, no vacation without legislation. because the longer the delay the fewer reasons to start a business an
that italy and greece would be following in disaster. of course, they subsequently turned out to be the single best places to invest for fixed income in the world. not only did the sky not fall, but you had to do some serious buying to keep up with the others around the world. we have been buying an etf for my travel trust. was there a more uniform agreement than the idea that the euro had to die and the weaker countries were going into a fre depression? we know a ton of countries that could do very well in a low-growth environment. a year ago all the wise guys were telling us to avoid china because it was a house of cards. the course only grew more uniform with the chinese market falling to multiyear lows. but in the last few weeks, china's economy bottomed during the summer as they were focused way too much on beating inflation. now it's become the best performer in the world, and i don't think you've missed the move which is why my trust has been buying an etf that mimics china. finally there's apple. we've become addicted to apple. we are deeply focused on its decline whic
was supposed to vanish by this time with the secret sellers around the country. i thought greece was supposed to be kicked out of the union. instead, my advice, do what my charitable trust did today, buy european stocks. you know where else there's much more to come? yep, oh boy was this one a hated one coming into this year. yeah, you know what i'm talking about, china. how about that economy over there? after pausing because the government was busy whipping inflation, now, thank you, late gerald ford, now it's coming on strong. i think growth in china's accelera accelerating. the stock market might be the most undervalued in the world. the stock market entirely could be under valued. how many short sellers told you to do the opposite and sell that market? after the steam roller it's been of late, what exactly are the short sellers saying now? i don't know, i'm not hearing them clearly. i'm not listening. i'm not, no, i'm not hearing. europe and china both were supposed to slip into oblivion in 2012. that was the easiest story, everybody wrote it. turned out two fabulous places to invest. ho
. my grandfather came here from greece. he opened a restaurant, the american dream. >> but he taught himself english. he taught himself to read the newspaper, and he became a very successful businessman. as he would say, only in america. youngstown was prosperous, and downtown youngstown was really prosperous. it was wonderful to go to downtown youngstown and be all dressed up in gloves and hat and going in and out of the shops and having lunch downtown. it was exciting. >> but that prosperity didn't last. youngstown ohio was the manufacturing backbone of this country but starting the late 1 1970s, the steel mill started to close, kicking this proud town in the gut. entrepreneur magazine named it one of the top ten best cities to start a new business. that's something that would have been unthinkable just a decade ago. >> it's a wireless device to allow students in the classroom to communicate with teachers. highly skilled, highly qualified people from a lot of good universities and colleges in the area, we were able to pick the best and brightest of for good paying technology jobs.
this year were things that didn't happen. no greece exit, no china hard landing and no u.s. slipping into a recession. therefore, the market has been able to lift. >> the last thing that may not happen is the fiscal cliff resolution, too. that could throw an iron in the fire. we've all got to be mindful of the possible debt downgrade. moody's and fitch are still at aaa and they have been rumbling they might take us down, and i think if s&p goes down a notch, mandy, that's not good for the market. >> the fact that these predictions did not come true i guess show that making predictions -- >> it shows the value of strategists. >> okay. >> it shows the value of vat jists. >> what are you predicting for 2013? >> i think you have to watch things in europe. the big day is the september 11th elections in germany and germany could be harder after the election. in the first half is the sent ceiling discussion and finally profits, personal income and production, if those can do better than the markets can lift but right now the view is for a nothing market from here till year end. once the sea
't going pay its debts. we are going to be like greece. that was -- everybody -- both sides, by the way, republicans and democrats, both used the phrase default. you know perfectly well how it works in the government. you can make choices. >> i hate to break the news to you but -- i don't think anyone other than watching cnbc anyone actually cares and nobody believes the federal government will not pay social security or other debts. >> are you kidding me? i think they do. that's what they start with. right? start with the social security checks aren't going to go out. then -- what do people do, call their congressmen? the elderly get frightened. they think they won't have their weekly paychecks. >> this would not be the first time anyone from the executive branch tried to scare senior sit sense what do we do? we are going over the cliff. do you think we are going over cliff? >> i talked to the speaker's people today. bottom line is the speaker did remarkably smart. he didn't bring his bill up because he didn't have the votes and then sent every one of his members home so they could not
but will be a downward slide to make us like greece. no lodnger a viable economic power. >> hang on. we'll continue this. we have to take a quick break. the fiscal cliff has the president sounding like new york yankees legend yoeg gi ber ra. >> this is deja shz vu all over again. americans want to know why you can't get stuff down in an organized timetable. >> so if we all saw it coming, why did congress wait so long to do something about it? why do toys for tots and hasbro trust duracell to power their donated toys? duralock power preserve. it locks in power for up to 10 years in storage. guaranteed. duracell with duralock. trusted everywhere. anyone have occasional constipation, diarrhea, gas, bloating? yeah. one phillips' colon health probiotic cap each day helps defend against these digestive issues with three strains of good bacteria. approved! [ female announcer ] live the regular life. phillips'. >>> we are back. let me just go back to one point, and that is there are people sitting around wondering whether their taxes will go up. i want to ask you again about the chances of you think of somethin
broke. we'll go the way of greece, and the president hasn't moved off that. he's still playing politics with these issues, and frankly i think most of us now don't care who gets the blame. we're concerned about our economy and about our paychecks. >> richard, senate minority leader mitch mcconnell took to the senate floor this afternoon and said despite the setback all is not loss. >> there's no situation that remains an impossible sticking point. the sticking point appears to be a willingness and interest or frankly the courage to close the deal. i want everyone to know i'm willing to get this done. but i need a dance partner. >> you know, so richard, here we are talking about this blame game, and everybody is pointing their fingers at one another as we've been hearing all afternoon. what do you think that republicans are looking for here? >> i heard the same "meet the press" interview that terry did. i didn't hear the president casting blame. what i heard was the president talking the ways in which he's gone more than halfway to the republicans' position on taxes, on spending. i think
. google is flying from south to north. so i think they're kind of mingling right now in greece. so in santorini. this is his dashboard. you can see where he is. there's a lot of games. kids having a ball with it. it shows you where santa is. he's leaving his presence as he moves. he's moving from africa north. so now they kind of just bypassed each other in greece. and now google is now in finland where the other guy is. or similar santa was earlier. they're kind of meeting in the middle. just around the equator. >> here's the thing, we just don't want a midair santa crash. that would be the worst case scenario. thank you so much, alexandria, in an age of e-mails and tweets, here we go. it's nice to know that a letter can still be a powerful tool. it also helps if you have a powerful role model. that would be 9-year-old gabriella miller. she got strangers from around the world to write letters to santa. that out pouring will bring some joy for severely ill children like gabriella herself. now, our affiliate has the story. >> we have a mountain of letters here. >> reporter: chris' c
farm in maine that helps turn greece into finding peace. >> i know when chris died, we kept thinking about how we were going to remember him. and we kept thinking that his spirit was moving through the trees every time you saw them moving. i seem to be drawn to maine even though i've never lived here. it's pretty amazing. >> we're in the wreath business and have been since 1971. columbia falls is a little town in coastal washington county. the perfect little country town kind of thing. we're looking for 12 to 18-inch pieces. as fast as this brush is coming in, we're using it on the other end. we're out on the land that produces the tips for national wreaths across america day. >> each wreath is made of balsam that is picked off of our own land. it began as a family tradition to donate 5,000 wreaths to arlington national cemetery. >> a great source of pride for my family. it's our little way of giving back to the country is through the veterans wreaths program and the new veterans remembers trees program. >> that's captain brent morale, u.s. marine corps. this is another tree has been
to the internet, we met a few. 16-year-old cristos lives in greece and has taken more than five different computer courses. >> i now know what i want to study at university and what i want to do in my life. >> reporter: 22-year-old from kazakhstan got a job with twitter after taking artificial intelligence. >> you can gain all the top knowledge from a top university. >> reporter: in northern virginia, 14-year-old sophia and her mother, laura, have completed a variety of classes. >> you can sit on your couch in your pjs and learn about any topic that interests you. >> reporter: do you have a sense of what grade you would give yourself? >> probably an a minus. i'm a little rusty. i don't know about you. >> i would give myself an a plus. >> reporter: back at the university of pennsylvania, poetry professor says opening his class has changed his whole feeling about teaching. >> i like it because i get to teach people all over the world. they're self selective. because they're not getting credit at the moment and it's free, they come because they're interested in my topic, which is modern poetry. >> re
's who -- >> and pay everybody more money. >> they can buy stuff and go back on vacation in greece and all that stuff. >> do we count -- i'm getting -- there's nothing like this to get the twitterers going wild. 1-1-1 is -- 1-1-2001 -- >> 2001? >> yeah. >> yeah? >> 2101. >> yeah? >> less than -- >> you got a zero in there. >> less than 100 years. >> but it's 1-1-1 -- >> but 01 you'd write it probably. >> you would want to get to ten 10-10-10. 10-10-2110. i had someone call me dummy and say -- >> you? >> yeah. said it's 988 years. then he called me a dummy. i tweeted back to the guy, i'm the dummy? i'm the dummy? 988 years? i'm the dummy? the fed is meeting today -- i admit it, i resemble that remark. you're with me, pal. the fed is meeting to discuss whether operation twist will expire at the end of the month. and jerry webman is here. >> i showed up. >> chief economist. >> and union member. >> a unionyist. >> honorary union member. so is leaseman actually. maybe you can -- >> the president -- >> maybe -- you probably with -- >> workers fly i guess. we are strong, solid, more than
. this morning, they agreed finally on the disbursement of aid to greece. some says it removed uncertainty. other investors, not so sure. i wanted to show you the italian curve, italy and spanl wrapping up their fund-raising for the year. their auctions weren't all of that huge, but we are seeing yields fall, prices rise across the board as investors did show up. if we flip over to spain in particular, we can take a look at the three-year over here. a bid to cover ratio of 4.8%. one indication certainly of the kind of indications there are where the ecb is expected to be the most active if and when these countries have to access their bailout programs. now we're seeing prices in spain sell off a little bit. the ten-year, just under 5.4% is the level there. for the longer dated papers, investors are a little bit more wary. now, that news coming out of the euro group meeting, i wanted to show you the euro/dollar as we wrap up today's global market support. it's still down .1%, 1.3056. that would tell you that the resolution is largely priced in. now as focus moves into the start of next year, a cou
legislator of athens in ancient greece. and he replaced the prevailing system at the time of oral, law and blood feud by a written code of rules that could only be enforced by a court. the first court system. so the rules, because they were written, were hard to get around so they were draconian rules, which is where draconian -- draco. >> wasn't he in harry potter, too? >> he was also in harry potter. i don't know.was he? >> i think he was the bad kid growing up. >> and, anyway, with that out of the way and the world hurdling to an end tomorrow, still to come, if you want to know whether or not you should be optimistic about a fiscal cliff deal -- >> oh, draco malfoy. >> oh, yeah, the young bad kid? >> the blond kid. >> he was so good he was bad. check out the markets on any given day and we're going to do just that. tell what's happening with the fiscal cliff. [ penélope ] i found the best cafe in the world. nespresso. where i never have to compromise on anything. ♪ where just one touch creates the perfect coffee. where every cappuccino and latte is only made with fresh milk. and
of becoming greece. >> the president's aides not surprisingly quickly rejected the plan which republicans say would bring in $800 billion in higher tax revenue without raising rates. white house communications director said, quote, it actually promises to lower rates for the wealthy and sticks the middle class with the bill. press secretary jay carney said mr. obama is determined to phase out the bush administration tax cuts for families making more than $250,000 a year. >> he will not sign a bill that extends those tax rates for the top 2%. we can't afford it. it is not a wise economic policy or wise fiscal policy. and it would defeat the principle of balance that he has embraced. >> so with less than a month to go before the deadline, we've now had an offer and a counteroffer, but arguably, no real attempt at compromise. democrats say republicans haven't detailed how they would increase tax revenue and they haven't offered enough of it and republicans say democrats haven't agreed to serious entitlement program cuts. steve, gretchen, brian? >> steve: thank you very much, live from the north
. president, and use your mandate to bring this country together to stop us from becoming greece. >> okay. there we go. some advice there for the president. >>> here with us now former white house counselor for president bush. ceo of the consulting firm, hill and milton strategies. dan bartlett back at the table. good to have you this morning. a couple must reads to look at. >> you can ask a question if i can ask rattner a question. you go first. >> when are you going to man up? what happened, man? we republicans, we used to drive liberals crazy. we'd win elections we shouldn't win. we would steal senate seats we should never steal. we would shock -- they never saw it coming. willie geist talked about the morning after the 2004 election, you had liberals on the upper west sidewalking around like zombies. some of them walked straight into the hudson river. that doesn't happen. we're not the smart party, we're the stupid party. what happened? >> well, there's that. >> what happened in '12? how did we perform so badly? is it our tactics? >> well, the primary process obviously didn't help us
? greece has been very good at ignoring their debt ceiling and now they have 25% unemployment, 50% youth unemployment. you have young people having to leave the cities to go to the country to engage in subsistence agriculture. so that's what happens when you ignore your debt ceiling. >> gretchen: okay. congressman, i got to wrap it up there. if you actually is to hang your stocking there, i might have to send you some champagne, too. sorry about that. >> please do. >> gretchen: congressman, have a great rest of the day and merry christmas to you. >> thank you. >> gretchen: coming up, news week declares that the war on christmas is over. so is that true? we report. you can decide. then thousands of people about to lose their homes because the government wants to regulate rain. yep. bulldoze the houses and plant a little grass. is that the answer? that's coming up. you can't argue with nutrition you can see. great grains. great grains cereal starts whole and stays whole. see the seam? more pcessed flakes look nothing like natural grains. i'm eating what i kn is better nutrition. mmmm. grea
. if not, we will become greece in 20 years. guest: that is a great point to bring up. leaders on both sides of the aisle on capitol hill have made the point that this is not a democratic or republican issue. there is waste to be curbed. what i am hearing from republicans like jon kyl is that you have to make sure america is still able to make its commitments on the world stage. we spoke with a lot of defense- heavy representative, folks from the house armed services committee. they can see that there are cuts to be made. it is just about doing it in a responsible manner rather than across the board cuts, which is less discriminatory than most defense advocates would like. host: we have earl in street louis on our line for democrats. go ahead, =- st. louis on our line for democrats. caller: i was just wondering about the defense industrial complex that president eisenhower made the comment about. the defense contract workers are union workers. i do not hear the republicans hollering about that. i am is retired veteran. i think it is time we cut back on defense programs. we could close
greece. at some point the american people are going to say, enough. every american family has to balance their budget. every american family has to make tough decisions. why don't we make some tough decisions, if we want to have things paid for like weather capabilities, like amtrak, like replace federal assets, buying vehicles when we have 660,000 vehicles in the inventory. why don't we start making tough decisions. i often mention that the approval rating that we have of the american people is rather interestingly low. the last one i saw was i 11% approval. no wonder -- no wonder. we're about -- in a matter of literally hours -- to spend about $60 billion of the american taxpayers' money, estimates of some is that it should be around $24 billion. without hearings, without the kinds of scrutiny that it deserves and the normal appropriations process. and i understand why we need some of this money in emergency fashion. but it's like the train leaving the station. it's loaded up with pork, and it's moving and so everybody wants to get on board. it's not the way that the congress should do
greece faced multi-year recession and slowdown, unemployment at over 25%, youth unemployment over 50%. what we saw was the recession expanding. spain, italy, the uk, all found austerity taking its toll even more as unemployment continued to rise in some of those countries. even the large country, the economic powerhouse germany found its slelf slowing down. the root cause of it all was the inability of the european governments to come to policies to get growth started again. towards the middle and end of the year they did, but the tale was style there. very much austerity again and again. perhaps if there was only one change that took place as we moved into the fall and into the winter. it was the realization that most of these countries could take no more austerity. social welfare having been cut, health care cut, unemployment, growth virtually nonexistent. now the talk is not of more austerity, but how to get growth started again across the contine continent. suzanne. >> thank you, richard. >>> christmas, of course, is a time of giving, but there are many struggling families in bos
becoming greece. i will not set aside the 1.2 trillion in cuts. >> reporter: talking about $1.2 trillion in spending cuts. the president's scaled back plan i mentioned dealing with unemployment benefits, dealing with taxes, leaves the issue of domestic spending cuts basically after the holidays. that is why some republicans like graham are skeptical. gregg: is it fair to say democrats are adamant there will not be a deal without taxes going up? >> yeah. when you talk to white house officials they say, they're sort of mystified that speaker boehner is still arguing about the level on tax rates going up because the president ran on this back in the campaign. he won the election, and, since the day after the election he has been saying this is what's going to happen to get a deal. that you have to have rates go up. that is basically what senator chuck schumer said yesterday. take a listen. >> on taxes, i know it is hard for the republicans but the president ran on that platform, 250, no tax increases people below but taxes for people above. he won. 60% of the voters were for it in exit poll
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